News that two offices have been forced to close their doors is an isolated incident, the Real Estate Institute believes.
The Milford and Takapuna branches of Ray White on Auckland's North Shore have been closed while an investigation is carried out into allegations of misappropriation of up to $300,000 of trust account funds.
The licences of the franchise owners have been temporarily suspended.
Institute president Murray Cleland says it is the last thing the industry needs at a time when it is trying to clean up its act. But he says homeowners who have deposited money with the branches should not be worried about the closures.
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